wilf >> contessa, thank you very much white house trade adviser peter nah rvarro appeared on this shon friday saying there's more room to run in the bull market despite recent volatility. >> what really matters for the market over the next couple of months going into the holidays really is going to be how far the fed is going to lower interest rates and really, whether we get the united states/mexico/canada agreement we had some volatility related to the china issue earlier in the week and at the end of last week, but investors are seeing through that and this is a bull market and will continue to be so >> for more, let's bring in alicia levine, chief strategist at bny mellon investment management good afternoon to you. what do you think? do you think there's more room to go in this bull market? >> i would agree with victoria that we do see room to run however, tactically, in the short-term, it's going to get worse before it gets better. and specifically, there are too many headlines out there through the fed meeting, september 18th, where you could get the market and in particular, i

. >> thanks, wilf. a signal heard around the world as they cut interest rates, that was part of what send bond yields careening downward, eventually taking stocks with them possibly a race to the bottom on rates leer in fact, president trump encouraged the fed to match rate cuts today they've been cutting rates and doing so since at least april and some even earlier than that. the fed knows it can't maintain a rate so far apart, but the problem is if it cuts other central banks could cut even more >> steve liesman, thank you. >>> ten-year bond yields falling to the lowest levels since 2016. 30-year yields closing in on record lows. rick santelli has more. >> if there's any sector or specific part of the markets that should get a fist bump today is this next chart ready to challenge the 210 all time, low close that was established in july of 2016, same month the ten-year notes had the double bottom at 136, but it was avoided we're close to 220 now, really took the pressure off. two-day tens the minutes w

wilf, back to you! >> rick, if u.s.e like cake, what are german bunds like >> well, german bunds are getting to be less and less like the tastiest cake, because many fear that the ecb and the european economy are toying with too much debt. they're taking on too much in negative yields. and what are they getting for it a weak concerns aurrency and a y economy. there are issues of confidence and control. and even though they're still punching on those like cake, what about the inventory of all the southern central banks like italy and greece what's going to happen all of these securities that's an issue and it is affecting the appetite of foreigners to even the high-credit debt in european >> i like that you got crumby in there, as well i'm not going to ask what guilds are like >> buntd cake. >> how it's impacting his business and what if anything ayitustorere ppa st wh - stand up if you are first generation college student. (crowd cheering) stand up if you're a mother. if you are actively deployed, a veteran, or you're i

>> well, that's right, wilf. thanks for having me on.ction itself, it's largely symbolic. they'll consult with the imf my sense is the imf is not going to find any serious currency devaluation by china and that will set up a new set of tools for the president to act one of the options that the administration is looking at right now is where a u.s. company can petition the u.s. government and then -- and say that they're being hurt by currency devaluation where a foreign company could keep their prices lower and that the u.s. would then be able to put tariffs on those products. that rule has been moving through the department of commerce there was some disagreement between the treasury department and the department of commerce, but now that treasury has labeled china a currency manipulator, it seems like those disagreements are past now, i would caution that this isn't imminent it doesn't mean it's going to happen china pulled back on its currency today, but you're creating the tool to be able to move on something like that if there is a

wilf, back to you. >> thanks very much.hey're still down 7.4% but off the lows of the day. >>> 13 minutes left of trade we sit near those session highs or at them, 350 points or so higher on the dow. the nasdaq and russell up more than 2%. >>> up nex yr sthae ade.t,oula-cnc ers. [beep] you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. but you're not mad, because you have e*trade which isn't complicated. their tools make trading quicker and simpler. so you can take on the markets with confidence. don't get mad. get e*trade and start trading today. i felt completely helpless. trashed online. my entire career and business were in jeopardy. i called reputation defender. they were able to restore my good name. if you are under attack, i recommend calling reputation defender. vo: there's more negativity online than ever. reputation defender ensures that when people check you out, they'll find more of the truth, not trash. if you have search results that

. >> wilf, last summer, a play, a movie, a song and where we find ourselves. one-year chart of the s&p 500. last year, 2901 as a matter of fact where we finished august last year. we are within 1% of that here are a couple of relevant issues 17 times forward earnings over here and 16 times here low lower than anticipated here. treasury yields back then pushing 3% a different situation at the same price and now rick santelli for a look at the bonds. >> thank you we are selling yields down buying treasuries. into the close it was supposed to be a rebalance for big drop in yields maybe it was a bit early 2s are two basis points from the low yield close for the cycle. bonds are sitting at 195 lowest close ever. hero of the day, the dollar index. it looks like an apollo shot and the nasdaq yesterday was the leader today it's the follower in terms of return. kate, how's it looking into the close? >> we started out in the green today and we were unable to hang on to the gains and down just under a quarter of a percent for the eek, up 2.5% ulta is the big story for th

wilf, i'll send it back to you >> sue, thanks very much see you later today. european markets just closing. seema mody is with us now with a break d breakdown of today's action. >> we started in the green and now we're ending in the red for session lows so a sharp intraday reversal for all the european markets, even after china's central bank signaled it wouldn't let the yuan fall much further part of the reason is the data out of germany continues to disappoint manufacturing data came in weaker than expected at 49.5 versus 50 in june. that marks the first contraction since october of 2018. though worth noting that factory orders picked up in june still, it's hard to know if that will continue. barclays is writing that the reescalation of the u.s./china trade tensions might be sufficient enough to push the german economy into recession as early as the third quarter of 2019 also, some news in the energy space. british petroleum has partnered with india's richest man and his company, reliance industries to form an oil and gas joint venture. it marks a shift towa

index is strong, not something that's normal morgan, back to you. >> rick santelli, thank you. >>> wilf is following that inversion, well -- >> yale, the 2s, 10s inverting but the broad move lower and flatter we have seen in yields, and since early august certainly does that flatness may also increase the willingness to cut fed rates. if you look at the movers today. citi and bank of america are down the most, both down more than 5%. that makes sense since the higher exposure to net interest ink income that plays out s citi and bank of america down about 14% or 15% interestingly will's wells fargo is the best performer. they have high net interest, but they're also focused on the u.s., so they're -- by european growth problems. finally a reminder of how cheap these banks are, trading at 53% of the level of the s&p 500 on average-p, very re cheap, but clearly a lot of fears. that's a good flush. if you look at flowing into the xlf, the financials etf, they have been liquidated over the last 55 days you're thinking about making a very, um, out of -- you look at them washed out, you have t

wilf >> melissa, thank you very much.look forward to that. >>> meantime, let's get over to the cme in chicago for the santelli exchange. rick >> good morning. thanks, wilf you know, we have a lot of wild months i've been doing this a while, traded a while but boy, this august really, in many ways, takes the cake. first of all, for all you kind of interesting technicians out there that look at strange things, and i've always thought, technicians, you could overlay astrology, there's a lot of wild areas of technical analysis. and many people will roll their eyes but i will tell you this that anniversary dates are considered very important for those who follow the teachings of wdgan inadvertence dates we had an anniversary date in august the first treasury future was born in august of 1977 and august sometimes get wild. anniversary dates get wild and this one is no exception if you look at the following chart, i hope we're showing, it's the month-to-date of 30-year bond yields. we settled the last day of july at 252 the low

thank you for joining us >> my pleasure, wilf >> apple has had about a 3% interday swing on this news. does that make sense to you? will they be hit hard by this extra set of tariffs >> if you go back and look historically what was the biggest company that got hurt last year when you had the issues with china? it was apple they came out negatively and preannounced results because they have high revenue exposure from china what i think people are investigating the tariffs put on last year were industrial goods, things manufactured there. those were excluded iphones. this round of tariffs, the final $300 billion, is consumer goods including things like the iphone, et cetera. this in terms of where the tariffs are focused, this last round, is much more damaging for the consumer companies, the guys who sell pcs, sell iphones, et cetera, which is what apple does i'm surprised apple is not down more they're at the epicenter much more than last year. >> it's been doing well since its earnings you're not so impressed, dan >> they missed the iphone revenues which people -- that's half of their

that's what happens when you put her into the hands of a narrow sector of wilf which will is dedicatedto increasing power for chills just as you'd expect one of the most influential intellectuals of our time speaks about the modern civilization of america ready ready ready. i am sure to stop at the continuing to grow. i just never felt very good about the idea of bringing children into the world because i didn't feel like things were in very good shape that a life was just going to be a lot of software program. there's no reason the more kids. take things that are to me the there's no reason to make something else that you need to get rid of everybody's scared to talk about it certifiable is really dependent on us addressing this issue and if we can even try. have a conversation of that. ready you know world of big part of the lot and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the back and shouting past each other it's time for critical thinking it's tim

that's what happens when you put her into the hands of a narrow sector of wilf which will is dedicated to increasing power for chills just as you'd expect one of the most influential intellects. tools of our time speaks about the modern civilization of america. so who is christopher manny well i grew up in several small towns throughout the midwest game from a good christian family. and join the national guard and then eventually college and into law enforced. i did 13 a half years work in the street here everybody who was in my peak knew that they could trust including the street people. you know a lot of people don't realize but i was a single parent reason to chance farai places street racist guy. and were returned to mexico my kids are of a different race today we are going to go through the autopsy report of dad's radials why couldn't you just talk to the fact the matter is next only to try to do and the attack was so quick and so violent you know i kept push him off and he just kept attacking what was going through your mind at that point. just as used in the film. we've got a 14

that's what happens when you put her into the hands of a narrow sector of wilf which will is dedicated to increasing power for itself just as you'd expect one of the most influential intellectuals of our time speaks about the modern civilization of america. i am sure they need to stop but for continuing to grow. i just never felt very good about the idea of bringing children into the world because i didn't feel like things were in very good shape that a life was just going to be a lot of software program. but. there's no reason the more kids you take things that are timid the nose on the move something else that you need to get loads of everybody's scared to talk about is survival is truly dependent on us addressing this issue and if we can even talk about it if we can even have a conversation about it then. we're in trouble. ready because quote media comical and that the some stuff in the question of the south when i'm in this could define x. can we need to man is your. thing is one on one how did you quickie this is seems you now why don't i want you to amend my c.m.s. . who the. fuc

>> so, wilf, here's what we expect, a lot of two cents on revenue of 169.5 billion that would imply a jump of about 14%. stock is down nearly 20% this year it's down nearly 50% in the last 12 months. the company's disappointed investors but lowering the guidance for fy 2020 that metric will again be in focus. the company guided between 688 and 692 million. sara, back to you. >> josh lippen, thank you. >>> we'll also get a slew of retailers after the bell contessa brewer has what to watch. >> let's start with williams sonoma it's trying to insulate the impact of the trade war, moving a substantial amount of production you've china, hiking prices in some cases it may have raced the profit outlook for year in may, and annual it'ses except comp sales to be up >>> let's turn to pbh, with brands like tommy hilfiger and calvin klein it also has been tariff challenges last year it imported about $400 million from china. this year it cut its annual profit forecast by ten cents a share. analysts look for an earnings decline of almost 14%. >>> we have 12 minutes notice until the close. we're up

sector of wilf which will is dedicated to increasing power for chills just as you'd expect one of the most influential intellectuals of our time speaks about the modern civilization of america ready ready ready ready ready. i am sure to stop at the continuing to grow. i just never know very good about the idea of bringing children into the world because i didn't feel like things were in very good shape that a life was just going to be a lot of software programs. there's no reason the more. you take things that are to me the. movie is a myth something else that. everybody's scared to talk about it certifiable is really dependent on us addressing this issue and if we can even talk about it if we can even have a conversation of that it then. a leading pharmaceutical company is accused of fueling america's opioid epidemic by aggressively pushing its painkillers and downplaying the risks involved the release of e-mails as part of a multi district lawsuit. hong kong is gripped by protests for the 13th weekend running with rioters throwing firebombs at police responded with tear gas and wate

to 31 minutes now from crockett to the maze and the nimitz okay 16 minutes from to 38 tonight, 80 wilfational news, a new lifeline for people considering suicide could soon become a reality. >>congress and the fcc are both pushing for a new emergency number similar to 911 that would help people having a crisis kron four's washington correspondent trevor shirley has the details. >>9, 8, 8, officials hope those 3 numbers will soon save lives and give suicidal people an easy to use lifeline. >>i want to see a situation where every single american who is struggling can find someone in that moment who can help fcc chairman a jeep, i fully supports the idea and based on early feedback. he says he's not the only one i've been gratified by the folks who emailed in who have tweeted at me who have suggested that this is a real game changer for those who for too long have been struggling with an issue. the cdc says back in 2017 47,000 americans died from suicide with another 1.7 million making a suicide attempt. right now there is already a dedicated suicide hotline, 1 802 7, 3, 8, 2, 5, 5, but i

guys >> all right, wilf, thank you. >>> meanwhile, asian markets also in focus ahead of u.s./china trade talks in september. seema mody has more on that story back at hq seema? >> hi, jon as we await further details on the u.s./china trade front, it is worth noting that there are a number of geopolitical events playing out across broader asia, at risk, leading to an unintended conflict. tensions are raising after asia gave its support to pakistan after india revoked kashmir's autonomous status. moving east, the trade dispute between south korea and japan. two key u.s. allies continues to escalates, with both sides tightening export controls and halting trade with one another other a deep-rooted territorial issue, being felt in the semiconductor industry, but analysts caution that u.s. firms like apple and zmon that manufacturer there may also be at risk. and as we keep a close eye on hong kong and the protests there, the chinese yuan continues to attract attention this is the third consecutive session with where the central bank set the midpoint at a point weaker than the psy

nasdaq looking to open about 39 points lower s&p 500 off about 13 points, want to thank kayla and wilf peter >> thank you for hanging out with us. join us tomorrow "squawk on the street" begins right now. ♪ ♪ >>> good monday morning. welcome to "squawk on the street." i'm carl quintanilla with jame cramer at the new york stock exchange david faber has the morning off. dow futures red to start the week down about 120 here as we watch protests in hong kong, goldman cutting its gdp forecast europe is mostly red ten year yielding 1.68 today road map begins with futures falling.

but thanks, wilf wilfred frost. and if you thought retail and banks were bad, we have one even worse for you because just wait to see what's happening in the energy names apache, hal burton, and in some case multidecade lows. hitting an all-time low. on pace for its fifth straight negative week. investors in this space must be, i don't know what they do. >> the near to medium term and even now longer term down trends, just oil prices is still intact this is a story right now where it's not just about the focus on supply or it has been the world is awash with oil. we have so many inventories here there is always a surprise build in inventories like cushing, oklahoma every weekend we have this the prices have been coming down the issue right now for the oil market is whether or not there will be steps taken by parties outside the u.s., opec and friends, ropec whatever you want them will they step in and say, hey, maybe we'll cut production more to support oil prices. it's also now in play because of u.s. shale produce

calls, fantasy football, and growing tomatoes, you wouldn't have time to put together a frame >> like wilfay, renaissance man. you're a laggard >> we like watching you on the tele too dow is up 171. let's get to bob >> good morning, guys. a nice rally going we have banks up we have home builders on the upside let's take a look at what's moving here. again, you have that bank rally and home builders rallying on some comments from esther george that's moving yields semiconductors, that ez are classic cyclicals. industrials leading the way. utilities are lagging. this is a typical pattern when we see cyclicals up and defensive stocks moving to the downside the s&p futures here esther george interview this morning saying i'm not ready to provide more policy accommodation. that's right here. you see markets moving up here slightly down as we go into it we're a little higher overall. so the point about the direction of the market is stocks are tending to move in the direction of the yields, particularly ten-year yields. yields up, market up, yields down, market down. you can argue about whether

nasdaq looking to open about 39 points lower s&p 500 off about 13 points, want to thank kayla and wilf for hanging out this morning want to wish a happy birthday to peter. >> happy birthday, peter >> thank you for hanging out with us. join us tomorrow "squawk on the street" begins right now. ♪ ♪ >>> good monday morning. welcome to "squawk on the street." i'm carl quintanilla with jame cramer at the new york stock exchange david faber has the morning off. dow futures red to start the week down about 120 here as we watch protests in hong kong, goldman cutting its gdp forecast europe is mostly red ten year yielding 1.68 today road map begins with futures falling. hong kong protests intensify, airport canceling all remaining flights today. goldman sachs lowering its growth forecast and reports that wework could file as soon as this week. we're going to start today with the markets. jim, not a repeat of last week, but we're going to -- it is going to be busy, cpi, retail sales and more. >> retail sales is on front burner it is hard to believe that given that unemployment rates are so low. p

hi, rick >> hi, wilf. thank you. it's been a very interesting morning. data in the form of industrial capacity utilization, everything was solid. maybe even a little better than solid. the retail sales numbers, the control number, these were all very good metrics. but yet, markets didn't seem to pay a whole lot of attention we had knee-jerk reactions in treasury rates that popped up a little bit, but basically, they can't escape, even into the bottom end of yesterday's range, which was an historic low point. but something did happen today look at some charts. look at the intraday bound chart. about a half hour ago, boom, really takes a nosedive. the euro versus the dollar, also a bit of a nosedive. and treasuries were affected, because, we all know, all stimulus is fungible what does that really mean i'll tell you what it means. ecb meets on the 12th of september. and ali ren, who is a member of the ecb rate-setting committee and a governor of the bank of finland just did an interview with "the wall street journal" and basically what he says is, whoa, i'